"Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed."
"It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals."
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Source: World Commodities and World Currencies. Book by Benjamin Graham, Chapter X, Commodity Unit Stabilization, p. 109, 1944.
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